We address the quantum estimation of the diamagnetic, or $A^2$, term in an effective model of light-matter interaction featuring two coupled oscillators. First, we calculate the quantum Fisher information of the diamagnetic parameter in the interacting ground state. Then, we find that typical measurements on the transverse radiation field, such as homodyne detection or photon counting, permit to estimate the diamagnetic coupling constant with near-optimal efficiency in a wide range of model parameters. Should the model admit a critical point, we also find that both measurements would become asymptotically optimal in its vicinity. Finally, we discuss binary discrimination strategies between the two most debated hypotheses involving the diamagnetic term in circuit QED. While we adopt a terminology appropriate to the Coulomb gauge, our results are also relevant for the electric dipole gauge. In that case, our calculations would describe the estimation of the so-called transverse $P^2$ term. The derived metrological benchmarks are general and relevant to any implementation of the model, cavity and circuit QED being two relevant examples.
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